3 Trading with us Comerciar con nosotros Please understand that the Execution Policy, which you should read in conjunction with our Trading Terms of Business, does not provide a guarantee for the execution price of orders, although we endeavor to execute orders at or very close to the specified order price. However, it is possible that our price may move very quickly and erratically from one level to another. This is known as gapping and can arise in periods of low liquidity and high volatility such as immediately after the release of economic data. Por favor comprenda que la Política de Ejecución, que deberá leer en conjunto con nuestros Términos y Condiciones, no garantiza la ejecución del precio de las órdenes, aunque nos empeñamos en ejecutar las órdenes al precio específico de la orden o a uno muy cercano. Sin embargo, existe la posibilidad de que nuestro precio se mueva muy rápido y erráticamente de un nivel a otro, a esto se le conoce como gapping o brecha y puede suceder en tiempos de baja liquidez y volatilidad alta, como puede ser inmediatamente después de la divulgación de información económica. Scope Alcance The Execution Policy shall apply when executing transactions with retail and professional clients in margined foreign exchange transactions. La Política de Ejecución aplicará cuando se ejecuten transacciones con clientes minoristas y profesionales en transacciones de intercambio de divisas con margen. The tradable instruments that we deal in can be found in the Market Information pages on the Website. Los instrumentos que se pueden comerciar y que manejamos, los encontrará en las páginas de Market information en nuestro sitio web. Our quotes are provided by a number of competing counterparties. These counterparties provide streaming prices and the best bid/ask price available is used to create a quote for you to trade on. PAGE 3

4 Nuestras cotizaciones son proporcionadas por una serie de contrapartes en competencia, Estas contrapartes proporcionan precios en tiempo real y el mejor precio de compra/venta disponible se utiliza para crear una cotización para que usted pueda comerciar. Execution Venue Sitio de Ejecución Please note that we act as principal in all dealings and as the sole execution venue for your orders which are executed on an OTC basis, not on a regulated exchange or multilateral trading facility. Therefore there is only one execution venue. Por favor tome en cuenta que en todos los tratos, nosotros actuamos como la parte principal y como el sitio único de ejecución para sus órdenes, las cuales son ejecutadas bajo el principio OTC (over-the-counter o mercado extrabusátil). Best Execution Arrangement Acuerdo de Mejor Ejecución In the absence of any specific instructions from you, when receiving and executing client orders on your behalf in relation to financial instruments, we are required to take a number of factors into account when considering how to deliver best execution. We will take into consideration all factors that will allow us to deliver the best possible result in terms of the total consideration, representing the price of the financial instrument and the costs related to execution. Unless the following are instrumental in delivering the best possible result in terms of the total consideration, we have rated price as the most important followed by: En la ausencia de intrucciones específicas de usted, cuando recibamos y ejecutemos órdenes en su nombre en relación a los instrumentos financieros, estamos obligados a tomar en cuenta una serie de factores al considerar cómo cumplir con la mejor ejecución. Tomaremos en consideración todos los factores que nos permitirán cumplir con el mejor resultado posible en función de una consideración total, representando el precio del instrumento financiero y los costos relacionados a la ejecución. A menos que lo siguiente sea fundamental para cumplir con el mejor resultado posible en función de una consideración total, hemos priorizado el precio como lo más importante, seguido de: Costs (to include all expenses incurred by you which are directly related to the execution of the order) PAGE 4

5 Costos (incluyendo todos los gastos incurridos por usted que estén directamente relacionados a la ejecución de la orden) Speed Velocidad Nature of the order Naturaleza de la orden Size of the order Tamaño de la orden Likelihood of execution and settlement Probabilidad de ejecución y pago Other relevant considerations to the execution of the order Otras consideraciones relevantes a la ejecución de la orden When executing an order on your behalf, we will take into account the following criteria for determining the relevant importance of the above execution factors: Cuando estemos ejecutando una orden en su nombre, tomaremos en cuenta los criterios siguientes para determinar la relevancia de los factores de ejecución arriba mencionados. Client characteristics (including whether the client is a retail or professional client) Características del cliente (incluyendo si el cliente es minorista o profesional) Order characteristics of the client order Características de la orden del cliente Instrument characteristics PAGE 5

6 Características del instrumento Aggregation Acumulación We will not combine your order with those of other clients for execution as a single order. No combinaremos su orden con la orden de otros clientes para su ejecución como una sola orden. Client Order Handling Manejo de órdenes del cliente Hirose UK records and executes otherwise comparable orders sequentially and promptly unless the characteristics of the order or market conditions make it impracticable to do so. We will promptly inform you if we become aware of any material difficulty relevant to the proper carrying out of your orders. Orders received in a different media can not be termed otherwise comparable. Hirose UK registra y ejecuta órdenes; por lo demás comparables, secuencialmente y sin demora a menos que las características de las órdenes o las condiciones del mercado causen que sea impráctico llevarlas a cabo. Le informaremos inmediatamente si notamos cualquier dificultad material con respecto a la adecuada ejecución de sus órdenes. Las órdenes recibidas a través de medios diferentes no se puede determinar que sean por lo demás comparables. Quotes Cotizaciones Where there is a lapse of time between Hirose UK s first quote and your acceptance which causes delay or in the case that the market conditions have changed, Hirose UK will still be within its rights to execute that order, provided that the quote is not significantly out of date and that it still would have met the best execution requirements. Cuando haya un lapso de tiempo entre la primera cotización de Hirose UK y su aceptación, que cause una demora o en caso de que las condiciones del mercado hayan cambiado, Hirose UK aún tendrá el derecho de ejecutar dicha orden, siempre y cuando la cotización no haya perdido PAGE 6

7 actualidad considerablemente y que todavía pueda cumplir con los requerimientos de la mejor ejecución. Trade Execution Complaint Queja por Ejecución de Orden When we receive a trade execution complaint from a client within 24 hours from the time the disputed or questioned trade was executed, we shall revert to you within a short period of time afterward with a report on an investigation after reviewing the transaction to determine if it is, in fact, an erroneous trade execution. Cuando recibamos una queja por ejecución de orden de un cliente dentro de las 24 horas después de que la orden en disputa o cuestionable se haya ejecutado, hemos de responderle dentro de un periodo corto de tiempo con un reporte sobre la investigación después de revisar la transacción para determinar si es, en efecto, una ejecución de comercio errónea. Such complaint may be called into our Compliance Desk at +44(0) or submitted via at A trade execution complaint must include your name, your Login ID (username), time of execution and ticket number in order that we may remedy the complaint at the earliest opportunity. Dicha queja puede presentarse a nuestro Servicio de Conformidad al +44(0) o entregada a través del correo electrónico a Una queja por ejecución de orden debe de incluir su nombre, su ID de acceso (nombre de usuario), hora de la ejecución y el número de billete con el fin de que podamos remediar la queja en el menor tiempo posible. Reviewing Execution Quality and the Execution Policy Actualización de la Política de Ejecución y de Calidad de la Ejecución We will regularly review the Execution Policy, at least annually or whenever a material change occurs. In addition, we will monitor the effectiveness of our order execution arrangements and the Execution Policy on a regular basis, and assess from time to time whether the venue relied on by us in pricing our transactions allows us to meet our regulatory obligations on a consistent basis or whether we need to make changes to our order execution arrangements. Actualizaremos regularmente la Política de Ejecución, por lo menos anualmente o cuando un cambio material ocurra. Además, monitorearemos la efectividad de nuestros acuerdos de orden de ejecución y la Política de Ejecución regularmente, y evaluaremos ocasionalmente si PAGE 7

8 el sitio de ejecución del cual dependemos para fijar los precios de sus transacciones nos permite cumplir con nuestras obligaciones regulatorias de manera consistente o si necesitamos realizar cambios a nuestros acuerdos de ejecución de orden. You will be notified of any material changes to the Execution Policy via our website Le será notificado de cualquier cambio material a la Política de Ejecución a través de nuestro sitio web No Fiduciary Duty No hay Responsabilidad Fiduciaria We provide you with access to our trading platform and are not acting in any other capacity including as a fiduciary. Nosotros le proporcionamos el acceso a nuestra plataforma para comerciar y no estamos actuando bajo ninguna otra función, incluyendo la fiduciaria. Our commitment to provide you with best execution does not mean that we owe you any fiduciary responsibilities over and above the specific regulatory obligations placed upon us or as may be otherwise contracted between us. Nuestro compromiso de proporcionarle la mejor ejecución no significa que le debamos ninguna responsabilidad fiduciaria más allá que las obligaciones regulatorias específicas a las que estamos sujetos o que de otra manera hayan sido adquiridas entre nosotros. Our Order Management Nuestro manejo de órdenes Hirose UK provides margined forex trading on an execution basis only where transactions are automatically processed via a method called Straight Through Processing (STP). We do not have dealers who monitor and confirm every transaction. The prices that we publish on our platform and offer to you are an indication of the prices at which we would be willing to buy from you and sell to you. They are not firm prices. There are a number of features that you should be aware of: Hirose UK provee el comercio de divisas con margen bajo el principio de ejecución solo cuando PAGE 8

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